Shane Ferro
Art market news and commentary by the staff of Art+Auction

MARKET WATCH: Art market news and commentary by the staff of Art+Auction

How Much Will the Sequester Really Affect the NEA’s Budget?

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After writing about possible sequester implications to the NEA budget earlier in the week based on OMB estimates, I inquired the endowment about more specifics. I got a response today, and posted in full below. The short answer is that its budget will be slashed by 5 percent, but it’s possible that everything will change again after March 27:

Dear Shane,

In answer to your question, please know that the National Endowment for the Arts is scheduled to take a $7.3 million reduction, which is 5% of the agency’s overall current budget as established by the current Continuing Resolution ($147 million).  That 5% must be prorated equally between our grants budget and our administrative budget.

It’s important to note that these scheduled reductions are based our current budget through March 27, when the current Continuing Resolution ends.  After that, everything may change.

Shane Ferro

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Comments

  1. And just how much of the money the government gives you each year actually goes to artists? Cause i’m sure much of it goes to pay extra large salaries.

  2. that, and…
    some of the artists who do get money are perpetuating boring art

  3. by Shane Ferro

    Government salaries are notoriously low. The NEA gives most of its money out in grants.

    — Shane

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